Improving Security Resilience with EMV

VMBS now accepting chip cards at iABMs 

Chip card technology or EMV, which stands for Europay, Mastercard and Visa, has changed the financial landscape internationally in recent years, and has been a growing trend locally, as more institutions roll-out new and improved cards to bolster payment security.

EMV cards are equipped with a computer chip used to authenticate transactions, which allows the card to generate a unique encryption string for each transaction that is made, thereby protecting users’ information, and reducing the potential for fraud. Traditionally, the magnetic stripes on debit and credit cards carries unchanging and sensitive information, which can be skimmed and used by criminals.

In essence, chip cards are safer in protecting against fraud.

The global Financial Action Task Force (FATF), in its recent publication, COVID-19-related Money Laundering and Terrorist Financing, Risk and Policy Response, 2020, lists “Increased Fraud” among its evolving money-laundering and terrorist-financing risks. Here in Jamaica, reports suggest that fraud may even have escalated during the pandemic, with ATMs being a prime target. While customer education is often cited as a key mitigation strategy in the fight against fraud, financial institutions also have a responsibility to implement measures that provide added protection for its customers.

With the presence of the safer EMV/ chip cards, the local payments market has also evolved, with improvement in the technology of point of sale (POS) machines and ATMs.

VMBS introduced EMV compatibility in ATM network

Victoria Mutual, as part of an ongoing transformation exercise, which includes building out the digitization of its payment’s infrastructure, recently introduced EMV card compatibility on its ATM network. This change allows account holders from National Commercial Bank (NCB) and Scotiabank to use their chip-enabled cards at all VM Express 24 iABMs.

This moves also helps VMBS to prepare its network for its own roll-out of international EMV cards later this year; while allowing for improved resilience and reduced losses due to heightened security for cardholders using the institution’s ATM network.

Safe transactions key to financial well-being

On the journey to financial well-being, it is important that you understand the ways the global financial industry is working together to improve your ability to transact business safely. EMV chip cards is one way this is being achieved and here at VMBS, we are committed to innovating and implementing systems that provide a safe and secure environment for all your transactions.

Our VMBS Members, meanwhile, continue to enjoy a range of benefits when they use the VM Express 24 iABMs for transactions. Click here to watch this video clip from our Mutually Inclusive Town Hall, to learn more about the many services you can access at our iABMs.

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